In a startling new development, Anchorage Digital, a prominent name in the crypto industry, claims to have been abruptly “de-banked” by an unidentified American financial institution. According to Nathan McCauley, CEO of Anchorage Digital, the bank severed ties without any explanation after maintaining a thriving relationship for over two years. This sudden move lends credence to speculation about the rumored “Choke Point 2.0,” alleged to be a governmental tactic aimed at systematically dismantling the crypto sector.

Echoing the sentiment of disenchantment, McCauley lamented, “Our story is pretty ridiculous… We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.” The lack of transparency in the bank’s decision-making process underscores a growing unease within the digital asset community.

While details remain scant with both McCauley and Anchorage’s spokesperson refraining from naming the institution, the incident aligns with broader reports in June 2023 of institutional biases impacting smaller crypto entrepreneurs disproportionately. McCauley expressed concern for these smaller entities, grappling with the burdens of maintaining banking access without extensive resources.

The uproar has caught the attention of policymakers, with US Senator Cynthia Lummis (R-WY) urging the Federal Deposit Insurance Corporation (FDIC) to investigate. Lummis’s appeal follows claims from whistleblowers alleging the wanton destruction of documents pertinent to potential government campaigns against crypto entities. In a firm letter to FDIC Chair Marty Gruenberg, Lummis warned of severe repercussions, advocating for enhanced transparency and accountability.

“If it is uncovered that anyone within the FDIC has knowingly destroyed materials or sought to obstruct the oversight functions of the Senate,” Lummis stated, “it will result in swift criminal referrals to the U.S. Department of Justice. The American people deserve transparency, and I will see to it that they get the answers they deserve.”

This unfolding narrative accentuates the fraught landscape facing crypto enterprises navigating the US banking sector. As the community rallies for clarity and fairness, the Anchorage Digital episode ignites further debate on financial institutions’ complex relationship with digital assets.

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*Disclaimer: The information provided is not financial advice. Conduct your own research before making investment decisions in cryptocurrencies.*

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